Ares Management said that for the 3 months ended March 31, 2025, 92% of management fees were derived from perpetual capital or long-dated funds. The ratio for the same period in 2024 was 95%.

1. 01

   Ares Management said that for the 3 months ended March 31, 2025, 92% of management fees were derived from perpetual capital or long-dated funds. The ratio for the same period in 2024 was 95%.

2. 02

   The company said the GCP Acquisition contributed $151.0 million to compensation and benefits and $50.2 million to general, administrative and other expenses for the 3 months ended March 31, 2025. The compensation costs included newly issued equity-based compensation of $119.1 million.

3. 03

   Ares Management said that funds it manages as a result of the GCP Acquisition and the acquisition of Walton Street Capital Mexico S. de R.L. de C.V. and certain of its affiliates generated $29.4 million in additional management fees for the 3 months ended March 31, 2025.

4. 04

   The company said the TRA liability balance was $475.1 million as of March 31, 2025 and $402.4 million as of December 31, 2024. TRA payments for the 3 months ended March 31, 2025 were $8.1 million, and it explained that payments in connection with subsequent exchanges are expected to be substantial.

Key figures

Quarter ended March 31, 2025

Revenue

$1.1B

Net income

$47M

Operating cash flow

$2.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.